Dr RENU Marley’s Post

As preparations for climate negotiations start in Bonn, and climate finance will be a key topic for this year, it is essential to remember, as stated in this article by one of the experts behind the Paris Agreement, that the richest 1% of people in the world are responsible for more greenhouse gas emissions than the 66% at the other end of the scale, yet they experience little of the vulnerability to climate shocks that are causing suffering and death, mainly among poorer people. Tackling the climate crisis is inextricably linked to fighting inequalities. The richest need to pay a fair burden through targeted carbon tax, while the most vulnerable, who are the same that are most affected by climate change, need more protection. https://lnkd.in/gh4qyzPa

In my column for the Firstpost, I write about the hypocrisy in global climate politics. In 2019, at the UN Climate Action Summit in New York, industrialized nations passionately spoke about the urgency of climate change but continued approving fossil fuel projects and delaying climate finance commitments behind closed doors. This duality persists, as seen in the recent Bonn Climate Change Conference's stalemate over loss and damage financing, reflecting the resistance of industrialized nations to compensate those most affected by climate change. Despite a decade-old pledge to mobilize $100 billion annually for climate action in developing countries, this target remains unmet, with current finance vastly inadequate. Reforms in multilateral development banks (MDBs) are essential, as highlighted by a G20 expert group's proposal to triple MDB lending by 2030. Developed nations must move beyond moralizing and take concrete steps to fund climate mitigation and adaptation in developing countries. Justice and fairness demand that those who have historically benefited from pollution now shoulder the responsibility to aid others. Hypocrisy in climate politics stifles growth and perpetuates inequality. https://lnkd.in/gwKc5dHW

The recent UN Climate Change talks in Bonn, Germany, ended with countries still divided on how to shape a new climate finance goal. This matters because climate finance is about funding much-needed transitions and to help countries deal with the effects of climate change. Right now, there's no clear agreement on who should pay, how much, or what types of financing should be used. “The sheer number of unresolved issues currently sets us up for a fraught two weeks in Baku. We urge countries to use every opportunity in the months ahead of COP29 to lay the ground for an ambitious yet realistic new climate finance goal that responds to the needs of developing countries", says Gaia Larsen, Director of Climate Finance Access, World Resources Institute. The lack of progress means that vital funding needed to help vulnerable countries prepare for severe weather events, like the recent floods in Brazil and Kenya or heat waves in India, is still uncertain. Strong climate finance agreements are crucial for helping countries transition to cleaner energy and make bold climate commitments. As we move towards COP29, it's more important than ever for negotiators to work together and develop a clear, ambitious financial goal that can make a real difference for people and the planet. Read WRI’s statement about the UNFCCC climate talks: https://lnkd.in/ewz5iVbX Image correction: We Need A Robust Fund To* Fight Against Climate Change. #climatefinance #climateaction #justtransition WRI Climate

One of the problems is that climate Cops are not well-suited to discussions on finance. Countries send their environment ministers and teams, rather than their finance ministries. Cops have no jurisdiction over institutions such as the World Bank and the International Monetary Fund, which will be key in delivering publicly funded climate finance. Ways must be found to draw national finance ministers and international institutions more closely to the climate talks before it is too late. https://lnkd.in/deFxuZGC

Alarmism is a multi trillion dollar business model 🤔 Nearly half of 2024 budget not received, analysis shows. US and China have not yet met funding obligations. Budget cuts already affecting some climate meetings. The leading U.N. body on climate change is experiencing a severe budget shortfall, according to a Reuters analysis of documents from the world body - a funding gap that diplomats said could impair international climate dialogue. The analysis found a budget hole of at least 57 million euros ($61.53 million) for 2024 - or nearly half of the funding needed for the U.N. Framework Convention on Climate Change (UNFCCC) secretariat to run annual climate negotiations among nearly 200 countries and to help implement any agreements that are made. https://lnkd.in/dM3MbbJs

🆓 FREE TO READ 🆓 COP29 : In the early hours of Sunday morning countries agreed  a New Collective Quantified Goal on Climate Finance to triple public finance to developing countries, from the previous goal of $100bn to $300bn a year by 2035. Its size and the emphasis on private finance to find further funding have been roundly criticised. The climate summit was “not a success, but at best the avoidance of a diplomatic disaster”, said Ottmar Edenhofer, climate economist and co-director of the PIK - Potsdam Institute for Climate Impact Research. Read more analysis below. #COP29 #climatefinance #climatefinancegoal https://lnkd.in/ebPBjy8w

"The less the world achieves now, the more we will need to invest later." A report by the Independent High-Level Expert Group on Climate Finance suggests that by 2035, richer nations, development lenders and the private sector must provide US$1.35 trillion annually to developing countries to finance climate action. This was up from the previous goal of US$100 billion set for 2023. The report further explains that any shortfall in investment will only add pressure on the years to follow. With climate financing being a central focus of #COP29, the summit’s success is likely affected by whether nations can agree on a new target. #ClimateFinance

The richest 1% of people in the world are responsible for more greenhouse gas emissions than the 66% at the other end of the scale, yet they experience little of the vulnerability to climate shocks that are causing suffering and death, mainly among poorer people. Failing to address these inequalities could damage public acceptance of the measures needed to tackle the climate crisis, she said in an interview with the Guardian. “If you want to avoid a real conflict, we have to put the social justice element upfront. It’s legitimate to talk about taxation, with the immense elements of climate impact, and the need to mobilise more funding to respond to the transition [to a low-carbon economy] and adaptation [to the impacts of extreme weather].

Climate finance 🤝 climate justice UNFCCC Executive Secretary Simon Stiell has called for SB60 negotiators to produce "real options for a new collective quantified goal on climate finance". With COP29 in Baku just six months away, Steill warns that "serious progress on climate finance" must be made beforehand. 💰🌏 It's clear that serious funding commitments are essential for reaching global climate targets. This is as much the case for philanthropy as it is for governments. 👀 The Climate Justice Map is a tool to help philanthropies shift more power and resources to organisations working on the frontlines of the climate crisis in the Global South.📍 Join our upcoming training session that is especially dedicated to funders, philanthropies, and advisors - designed to teach you how to utilise the Climate Justice Map in your work. 💪 📅 Monday 17th June ⏰ 5pm BST / 6pm CEST / 12pm ET 📍Online, Zoom 🔗 RSVP here: https://lnkd.in/gSwkCzGq #SB60 #Bonn #climatefinance #climatephilanthropy #climatejusticemap https://lnkd.in/ebU8H5Sp

Last month, COP29 president-designate Mukhtar Babayev sent out his first communication as head of the United Nations climate conference in November. His July letter urged governments to start negotiating over how to break the deadlock on finance to help developing nations tackle #globalwarming. In a climate action plan addressed to about 200 nations, Babayev described the new collective quantified goal (NCQG) on #climatefinance – the first climate finance goal after the Paris Agreement – as the upcoming conference’s “top negotiating priority”. Mid-year negotiations in Bonn, Germany in June 2024 had ended in stalemate, as rich countries started ducking their commitments to provide more finance. Part of the deadlock was due to a possible return of Donald Trump to the White House a few days before COP29, according to some negotiators. Read more about the tensions surrounding the climate finance debate: https://lnkd.in/giRBX23Y